The prospects for her are getting worse and worse global chocolate industry, since Ghana, the second largest producer of cocoa in the world will delay the delivery until 350,000 tons of cocoa next season due to problems in crops, sources told Reuters.

Chocolate producers around the world raise prices for consumers since LCCc2 cocoa has more than doubled in value this year alone following a third year of poor harvests in Ghana and Ivory Coast, which account for 60% of global production.

The market had previously estimated that Ghana would channel about 250,000 metric tons of cocoa, which is equivalent to about half of its current production. Cocobod, Ghana’s cocoa regulator, said the country was trying to renew “some volumes, but not in these quantities (350,000 tonnes)”.

The country’s cocoa crop has been devastated by adverse weather conditions, crop diseases and illegal gold mining, which often displaces cocoa farms.

Ghanaian farmers are also smuggling more grain to neighboring countries to sell at higher prices, further eroding the small crop available for delivery in Ghana.

Sources with knowledge of the matter said that Ghana sold about 785,000 tonnes of seeds for the current 2023/24 season (October-September), but will likely only be able to deliver around 435,000 tonnes.

Ghana regularly sells a year ahead about 80% of its crop – which usually totals 750,000-850,000 tonnes. However, the harvest fell to around 670,000 tonnes last season and is not expected to exceed 500,000 tonnes this season. Traders and the industry fear that it may not recover significantly next season either.

The International Cocoa Organization expects thatWorld cocoa production will fall by 10.9% to 4.45 million tons this season.

This means that processors and chocolate companies will have to use cocoa reserves to fully meet their needs.